International Energy Agency (IEA) chief Fatih Birol sought Friday to tamp down fears of a global oil crisis as conflict rages in the Middle East, saying there was “plenty of oil in the market.”
The US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have sent crude prices soaring — fanning fears of a fresh spike in inflation that could hit the global economy.
Addressing reporters in Brussels, Birol said “logistical disruption” from the war was “creating challenges for many countries” but that there was more than enough oil in the global market.
Asked whether the IEA was mulling the release of emergency stocks, Birol said “all options are on the table” but that “at this stage” there were no plans for “collective action”.
“There is plenty of oil, we have no oil shortage,” he said. “There is a huge surplus in the market.”
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